Hogan Lovells Advises M&G Real Estate on £55M London Fruit & Wool Exchange Acquisition
27 March 2015
27 March 2015 - Hogan Lovells has advised long-term client M&G Real Estate on its £55 million acquisition of The London Fruit & Wool Exchange building in Spitalfields from Exemplar.
Following the completion of the acquisition, M&G Real Estate and Exemplar will work in partnership to redevelop the site. Completion is scheduled for the first quarter of 2018, in time for the completion of Crossrail.
The redevelopment will deliver 320,000 sq ft of mixed use space in the heart of the City, opposite Spitalfields Market, less than 200 metres from Liverpool Street Station. The completed scheme will offer headquarter quality office space, and retail and restaurant accommodation. A culturally sensitive design will allow the development to maintain its historic façade from the original 1929 building.
The Hogan Lovells team advising M&G Real Estate was led by global head of real estate Jackie Newstead with partner Victoria Sutcliffe.
Commenting on the transaction, Jackie said:
"This acquisition marks the start of an important redevelopment for London and we are pleased to be advising M&G Real Estate on the project. The scheme is well placed between the financial and insurance district and the TMT belt to attract a variety of occupiers; and whilst the site already benefits from excellent transport infrastructure, the addition of two Crossrail station entrances at Liverpool Street station and Whitechapel station in 2018 will make the building even more attractive to potential occupiers".